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Thread: Study: California Public Pensions Underfunded by Over $500B

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    Re: Study: California Public Pensions Underfunded by Over $500B

    GM workers were governered by a particularly unreasonable union though. I wouldn't blame the government for what they got. In general pensions are not that substantial. Here in Canada it's something like $1000 per month. That is a pittance.

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    Re: Study: California Public Pensions Underfunded by Over $500B

    Ok I was a bit off but then again maybe not.
    The pension plan laws were changed recently which included the highest paid year of service.
    Here is the link it says right now that the average beneficiary is 60 when they retire and the receive approximately $36k a year from that.

    I think they are expecting this to go up by a large margin.

    http://www.calpers.ca.gov/eip-docs/a.../retiremem.pdf
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    Re: Study: California Public Pensions Underfunded by Over $500B

    Quote Originally Posted by Orion View Post
    GM workers were governered by a particularly unreasonable union though. I wouldn't blame the government for what they got. In general pensions are not that substantial. Here in Canada it's something like $1000 per month. That is a pittance.
    Pensions here are not the same as in Canada or Europe.

    We define Pensions as private retirement benefits not connected with Federal retirement benefits.
    You can receive a Pension from the state government and receive Social Security benefits at the same time.

    California pensions are only for state government workers.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Study: California Public Pensions Underfunded by Over $500B

    Quote Originally Posted by Harry Guerrilla View Post
    Pensions here are not the same as in Canada or Europe.

    We define Pensions as private retirement benefits not connected with Federal retirement benefits.
    You can receive a Pension from the state government and receive Social Security benefits at the same time.

    California pensions are only for state government workers.
    You can also receive private pensions here too. I just wasn't aware that we were talking about pensions for government workers.

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    Re: Study: California Public Pensions Underfunded by Over $500B

    Quote Originally Posted by Orion View Post
    You can also receive private pensions here too. I just wasn't aware that we were talking about pensions for government workers.
    Yep they have their own private pension system for those who work for the state.
    I believe every state has a similar program.
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    Re: Study: California Public Pensions Underfunded by Over $500B

    Quote Originally Posted by Orion View Post
    GM workers were governered by a particularly unreasonable union though. I wouldn't blame the government for what they got. In general pensions are not that substantial. Here in Canada it's something like $1000 per month. That is a pittance.
    There were people retiring from GM at age 51 with $120,000 per year pensions.

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